XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Real Estate Investments (Tables) | 9 Months Ended
--- | ---
Sep. 30, 2017
Real Estate Investments |
Summary of investments in owned properties | Owned Properties. The following table summarizes our investments in owned properties at September 30, 2017 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  |  |  |  | Percentage |  | Number |  | Number of |  | Investment |
|  | Gross |  | of |  | of |  | SNF |  | ALF |  | per |
Type of Property |  | Investments |  | Investments |  | Properties(1) |  | Beds |  | Units |  | Bed/Unit |
Assisted Living |  | $ | 743,015 |  | 54.6 | % | 103 |  | — |  | 5,772 |  | $ | 128.73 |
Skilled Nursing(2) |  |  | 579,758 |  | 42.6 | % | 76 |  | 9,276 |  | 274 |  | $ | 60.71 |
Under Development(3) |  |  | 26,597 |  | 2.0 | % | — |  | — |  | — |  |  | — |
Other(4) |  |  | 10,216 |  | 0.8 | % | 1 |  | 118 |  | — |  |  | — |
Totals |  | $ | 1,359,586 |  | 100.0 | % | 180 |  | 9,394 |  | 6,046 |  |  |  |
| (1) |  | We own properties in 27 states that are leased to 27 different operators.
| (2) |  | Includes seven communities previously classified as ROC with ALF units.
| (3) |  | Represents three development projects consisting of two MC with a total of 132 units and a 143-bed SNF.
| (4) |  | Includes three parcels of land held-for-use, and one behavioral health care hospital.
Summary of investments acquired | Acquisitions and Developments: The following table summarizes our acquisitions for the nine months ended September 30, 2017 (dollar amounts in thousands):
|  |  |  |  |  |  |  | Total |  | Number |  | Number
|  | Purchase |  | Transaction |  | Acquisition |  | of |  | of
Type of Property |  | Price |  | Costs(1) |  | Costs |  | Properties |  | Beds/Units
Assisted Living(2) |  | $ | 54,463 |  | $ | 341 |  | $ | 54,804 |  | 3 |  | 240
| (1) |  | Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, we expense transaction costs related to the prior year due to timing and terminated transactions.
| (2) |  | We acquired a 107-unit assisted living community and a 73-unit memory care community for an aggregate purchase price of $38,813. Additionally, we acquired a 60-unit memory care community for $15,650.
Subsequent to September 30, 2017, we acquired a newly constructed 73-unit assisted living and memory care community in Missouri for $16,555,000. The property was added to an existing master lease agreement at an initial cash yield of 7%. The following table summarizes our acquisitions for the nine months ended September 30, 2016 (dollar amounts in thousands):
|  |  |  |  |  |  |  | Total |  | Number |  | Number
|  | Purchase |  | Transaction |  | Acquisition |  | of |  | of
Type of Property |  | Price |  | Costs(1) |  | Costs |  | Properties |  | Beds/Units
Skilled Nursing(2) |  | $ | 16,000 |  | $ | 45 |  | $ | 16,045 |  | 1 |  | 126
Assisted Living(3) |  |  | 53,550 |  |  | 411 |  |  | 53,961 |  | 4 |  | 250
Land(4) |  |  | 5,425 |  |  | 63 |  |  | 5,488 |  | — |  | —
Totals |  | $ | 74,975 |  | $ | 519 |  | $ | 75,494 |  | 5 |  | 376
| (1) |  | Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, we expense transaction costs related to the prior year due to timing and terminated transactions.
| (2) |  | We acquired a newly constructed 126-bed skilled nursing center in Texas.
| (3) |  | We acquired a newly constructed memory care community in Kentucky for $14,250 including a $2,000 holdback, a newly constructed assisted living and memory care community in Georgia for $14,300 and two memory care communities in Kansas for an aggregate purchase price of $25,000.
| (4) |  | We acquired a parcel of land and improvements and entered into a development commitment of up to $24,325, including the land and bed rights purchase, for the development of a 143-bed skilled nursing center in Kentucky.
Schedule of development, improvement and construction projects | During the nine months ended September 30, 2017 and 2016, we invested the following in development and improvement projects (in thousands):
|  | Nine months ended September 30, 2017 |  | Nine months ended September 30, 2016
|  | Development |  | Improvements |  | Development |  | Improvements
Assisted Living Communities |  | $ | 10,366 |  | $ | 951 |  | $ | 35,623 |  | $ | 2,134
Skilled Nursing Centers |  |  | 3,573 |  |  | 1,357 |  |  | - |  |  | 3,432
|  | $ | 13,939 |  | $ | 2,308 |  | $ | 35,623 |  | $ | 5,566
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at September 30, 2017 (dollar amounts in thousands):
|  |  |  |  | Number of |  | Investment |
|  | Gross |  |  |  |  |  | SNF |  | per |
Type of Property |  | Investments |  | Loans |  | Properties(1) |  | Beds |  | Bed/Unit |
Skilled Nursing |  | $ | 224,095 |  | 5 |  | 21 |  | 2,764 |  | $ | 81.08 |
| (1) |  | We have investments in properties located in two states that include mortgages to two operators.
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the nine months ended September 30, 2017 and 2016 (in thousands):
|  | Nine months ended September 30, |
|  | 2017 |  | 2016 |
|  | Origination/Funding |  | Origination/Funding |
Originations and fundings under mortgage loans receivable |  | $ | 9,333 |  | $ | 19,113 |
Pay-offs received |  |  | (16,665) |  |  | (746) |
Scheduled principal payments received |  |  | (686) |  |  | (1,371) |
Net (decrease) increase in mortgage loans receivable |  | $ | (8,018) |  | $ | 16,996 |

X
- Definition Tabular disclosure of the entity's acquired real estate investments. + References No definition available. + Details
Name: | ltc_ScheduleOfAcquiredRealEstateInvestmentsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of additional loan commitments under mortgage loans. + References No definition available. + Details
Name: | ltc_ScheduleOfAdditionalLoanCommitmentsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's completed development, improvement and construction projects. + References No definition available. + Details
Name: | ltc_ScheduleOfCompletedDevelopmentImprovementAndConstructionProjectsTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the entity's investment in owned properties. + References No definition available. + Details
Name: | ltc_ScheduleOfInvestmentsInOwnedPropertiesTableTextBlock
Namespace Prefix: | ltc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the terms and amounts of participation in loan arrangements. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 30 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=29639217&loc=d3e10013-112621 + Details
Name: | us-gaap_ScheduleOfParticipatingMortgageLoansTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration